2nd supplementary budget increased by 111.2 billion won

On the 23rd, Yongin Special City announced the second supplementary budget plan for this year and submitted a budget of 3.4448 trillion won, which is 111.2 billion won more than the original budget, to the city council. This supplementary budget plan was compiled with a focus on disaster prevention, damage recovery, stabilizing people’s livelihoods, and revitalizing the local economy, and is scheduled to be finalized at the 286th Yongin Special City Council extraordinary session to be held on September 2nd.

[Korean Today] Panoramic view of Yongin Special City Hall © Reporter Na-yeon Kim

Yongin Special City (Mayor Lee Sang-il) announced that it submitted the ‘2nd Supplementary Budget for 2024’ worth 3.4448 trillion won, a 3.34% increase from the original budget of 3.3336 trillion won, to the city council on the 23rd. Despite the decrease in tax revenue due to the economic slowdown, this supplementary budget plan aims to stabilize people’s livelihoods and revitalize the local economy by prioritizing essential expenses such as disaster prevention and damage recovery.

In terms of revenue, corporate tax and local corporate income tax revenues decreased due to the decline in corporate performance caused by the economic recession, leading to a decrease of 36 billion won in local tax revenues. Nevertheless, the overall budget increased as non-tax revenues of 23.9 billion won, local allocation taxes of 2.7 billion won, national road subsidies of 16.4 billion won, and conservation revenues of 70.5 billion won were reflected.

Looking at the accounts, the general account was organized as KRW 2,969.7 billion, an increase of KRW 77.5 billion from the first supplementary budget, and the special account was organized as KRW 475.1 billion, an increase of KRW 33.7 billion. Local taxes were reduced by KRW 36 billion in the main general account revenues, but other sources of income made up for it.

For disaster prevention and damage recovery, the city allocated 3 billion won to river and sewage facility maintenance and 4.2 billion won to road facility maintenance. In addition, 500 million won was added to the special guarantee for small business owners, 3.4 billion won to the basic livelihood security livelihood allowance, and 300 million won to support the issuance of local currency to revitalize the local economy and stabilize people’s livelihoods.

A budget was also allocated to the climate and energy sectors for sustainable development, with 1.1 billion won allocated to the creation of energy opportunity income villages and 900 million won to the Gyeonggi RE100 leading project.

Major projects in which national funds are being invested include 8 billion won for the basic public direct payment project, 1.7 billion won for additional support for 5-year-olds in the Nuri curriculum, and 2.7 billion won for 11 special grant projects, including the installation of an automobile barrier facility in Jeongpyeongcheon, Suji-gu.

The city’s major projects include 300 million won for the construction of the Dongbaek 1-dong Administrative Welfare Center, 1.2 billion won for the reconstruction and completion ceremony of Yongin Bus Terminal, and 3.1 billion won for the expansion and paving of Bogaewonsam-ro.

This second supplementary budget bill is scheduled to be finalized at the 286th extraordinary session of the Yongin Special City Council, which will be held from September 2. Yongin Special City Mayor Lee Sang-il said, “Even in a situation where tax revenues are decreasing due to the economic slowdown, we have compiled the supplementary budget with a focus on disaster prevention, damage recovery, protection of the vulnerable, and revitalization of the local economy.”